EURJPY Chart Technical Outlook corrects lower after completing 5-waves, support seen at 148.66
We have seen a correction lower in EUR/JPY after completing the bullish five-wave count (Elliott wave). A common finishing pattern is either an Ending Wedge formation or a bearish Head and Shoulders pattern.
Although we have seen a breakout of the wedge formation to the downside, the measured move target of 148.83 has not been achieved.
Previous resistance and a possible right shoulder for a bearish head and shoulders pattern are located at 149.80.
It should be noted that be spoke support is located at 148.66. This could result in the correction lower being limited.